draw period

Definition

The specified time period after approval of a home equity line of credit (HELOC) during which the borrower can draw on the credit line. For example, a HELOC might be accessible for a period of 10 years on an as needed basis. In some cases, the repayment period and the draw period are the same. In such situations, the borrowed amount would be due in full at the end of the draw period.
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draw draw up